The authorisation for the Nigeria Stock Exchange (NSE) to list at the Exchange will deepen the market and boost the economy, Mr Boniface Okezie, a Capital Market Operator, says.
Okezie , who is the President of the Progressive Shareholders Association of Nigeria, made the assertion in an interview with the News Agency of Nigeria in Lagos on Friday.
“ The company will now have majority and minority share holders who does have stakes in the organisation.
“Scheduled meetings can be held, where the firm’s performance will be scrutinised publicly, either on yearly or quarterly basis,” he said.
“ The economy will get a boost as the company becomes more profit driven, and government will make money through taxes.
“ The firm can be engaged in more corporate social responsibility, as its own contribution to the growth of the society,” he said.
NAN reports that the Nigerian Stock Exchange (NSE) received final approvals of its demutualisation plan from the Securities and Exchange Commission (SEC) and Corporate Affairs Commission (CAC) respectively.
With these approvals, the exchange has now completed its demutualisation process.
Under the demutualisation plan, a new non-operating holding company, the Nigerian Exchange Group Plc (‘NGX Group’) has been created.
The group will have three operating subsidiaries, namely: Nigerian Exchange Limited (NGX Limited), the operating exchange; NGX Regulation Limited (NGX REGCO), the independent regulation company; and NGX Real Estate Limited (NGX RELCO), the real estate company. (NAN)